Supreme Court directs Sahara Group to deposit `1,000 crore
New Delhi: The Supreme Court on Thursday directed Sahara Group to deposit Rs 1,000 crore in a separate escrow account within 15 days and allowed it to enter into a joint venture for developing its land at Versova in Mumbai to realise Rs 10,000 crore.
The amount of Rs 10,000 crore has to be deposited in SEBI-Sahara refund account for returning the investors’ money, in compliance with the apex court’s 2012 order.
A bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi said in case the joint venture/development agreement is not filed in the court within 15 days, then it will sell the 12.15 million square feet of land at Versova on ‘as is where is’ basis.
“We grant 15 days’ time to SIRECL and SHICL (both Sahara Group companies) to comply with the statement made in court today. In case the joint venture/development agreement is not filed within 15 days, it will be open for this court to undertake sale of the Versova land on as is where is basis,” it said. The bench added, “The Rs 1,000 crore which will be deposited by a third party will be kept in escrow account, in case approval/permission (for joint venture agreement) is not granted by this court, the amount will be refunded to the said third party.”
It listed the matter for further hearing after a month.
The top court allowed the Sahara group companies – Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) —which were directed to deposit around Rs 25,000 crore in 2012, to enter into joint ventures agreement for developing other properties also including the Aamby Valley project at Mumbai.
Pointing out that the Sahara Group is in “deep trouble” for not complying with the apex court’s order since 2012, the bench said the joint venture or development agreements will be subject to approval of the court.
“The two companies (SIRECL and SHICL) are also permitted to enter into negotiations for joint venture/development agreements with regard to other properties. However, before entering into JVs/development agreements they will seek permission of this court,” the bench said. It clarified that money received
from sale of any properties by
the Sahara Group must be deposited in the SEBI-Sahara refund
account.
